Recent data shows that Solana-based decentralized exchanges (DEXs) have replaced Ethereum on a key metric, raising expectations and positive sentiment for the Solana (SOL) ecosystem.
Solana DEXs outperform Ethereum
According to data from DeFiLlamaSolana-based decentralized exchanges (DEXs) have turned around Ethereum’s daily trading volume. In the past 24 hours, Solana’s trading volume of $1.14 billion surpasses Ethereum DEX’s trading volume of $1.133 billion.
This feat first occurred in December 2023, when Solana’s daily DEX volume reached $1.475 billion, surpassing Ethereum’s $1.164 billion, and enjoyed growing interest from traders in the SOL ecosystem.
Solana surpasses Ethereum in the DEX 24-hour volume. Source: DeFiLlama
Solana also saw a weekly change of +37.67% in its trading volume. However, the data shows that Ethereum is still above Solana in the 7-day volume metric, at $7.852 billion and $6.113 billion respectively.
In addition, data from Coin gecko shows that Solana-based DEXs Jupiter and Orca are among the three largest decentralized exchanges by volume over the past 24 hours. As the chart below shows, Jupiter has a daily volume of $614 million, while Orca shows a volume of $380 million and takes the second and third spots respectively.
Ethereum’s Uniswap V3 topped the list with a daily volume of $636 million. The data also shows that Raydium is among the top 10 DEXs by volume over the past 24 hours.
Jupiter and Orca are among the top 3 decentralized exchanges in the 24H trading volume. Sorce: CoinGecko
Research platform SoSo Value pointed out to trading activity entered the ecosystem.
These recent performances indicate healthy growth and development of Solana’s DeFi ecosystem.
Solana’s price promotion
The increase in interest in Solana is due to the meme coin sector, the airdrops and fast transactions offered to its users. As a result, the original token managed to regain previously lost ground.
Although Solana surpassed Ethereum’s DEX in the short term, the second cryptocurrency remains the king of the DeFi sector by market cap. The chart above shows that the Ethereum-based DEX holds over $6 billion in Total Value Locked (TVL).
This piece of data indicates the resilience of the ETH ecosystem in maintaining its position as king of DeFi, but is promising for Solana. The fast-growing blockchain could attract further attention and interest if the daily trend continues.
Despite some fluctuations in recent weeks, Solana’s price has emerged in the $90-$100 price range over the past month. According to CoinGecko data, the price of SOL has risen 1.9% in the last 24 hours and 6.3% in the last 7 days.
SOL is trading at $100.23 in the hourly chart. Source: BTCUSDT on Tradingview.com
Featured image from Unsplash.com, chart from Tradingview.com
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